Better Opinions has raised over $1 million in a pre-seed round from Y Combinator, Java Capital and Soma Capital, among other investors, the company has announced.
Angels including Mayank Kumar, Co-founder, UpGrad; Sudhanshu Raheja, Head of Product and Engineering, GoTo Financials (Gojek-Tokopedia); Pratyush Prasanna, SVP, Gojek; Chinmaya Sharma, Chief Commercial Officer, Namshi, and the Ranadive Family, the co-owners of Sacramento Kings, have also invested in the company.
Founded in 2021, Better Opinions is an event trading platform that allows users to trade their opinions on events in various categories such as cricket, football, finance and entertainment. It allows users to trade on events while matching them with a person with a complimentary trade. Better Opinions is an app where events are created in the form of binary yes/no questions
The company is targeting ₹1 crore monthly GMV in Q2 and 1 million users in Q4.
It will utilise the funds raised towards building and expanding the product and technology team. It will also use the funds to grow the existing user base and educate the users about events trading.
Samay Jain, Co-founder & CEO, Better Opinions, said that the app is also targeted at those individuals who may not be financially literate. “Our aim is to make the app inclusive for all. The stock market, unfortunately, can be very technical and opaque and therefore isn’t always accessible for all. However, when we start allowing trading in categories such as cricket, politics and entertainment, not only do we make trading more relatable, but we also help improve their financial literacy. In the process, they also start experiencing the excitement of trading,” said Jain.
Vinod Shankar, Co-founder and Partner, Java Capital, said, “We at Java Capital are very excited to invest in Better Opinions and back Samay and Soumyajit, who have shown maturity and purpose in building Better Opinions, and scaling it at a fast pace. Better Opinions is a product for everyone who has an opinion on any world event to trade and take a position on the same.”
Better Opinions has been shortlisted for W22 batch of Y Combinator.